Phew… thanks to Subtitle Workshop and the great work of Bean I finally finished a half decent timing for Act I: http://festini.device-zero.de/horrible-subs.zip

So far it's timed more or less exactly with the dialogue, so some subs might be gone a little quick (and need restructuring or starting a little early and ending a little late). Some subs are obviously overlapping, especially in the songs. If you're using a semi-useful player that can handle it, you should be fine (if not: Media Player Classic definitely worked for me). Once all three are singing over each other you will still find subs popping up left and right (or rather top and bottom). I need to look into better formats that support different colors for different speakers. Just watch the end of Act I for an example, it's just as confusing to read as it is to listen ,-)

The hulu video now has a CC option, which allows for actual singing-a-long!